GSP

GSP, or Generalized System of Preferences, is a program that allows developing countries to export certain products to developed countries with reduced or no customs duties. This benefit aims to promote economic growth and development in emerging economies by making their exports more competitive in international markets. Goods eligible under GSP typically include textiles, agricultural products, and crafts. The program encourages sustainable development and trade partnerships, providing developing nations with better access to global markets, which can help create jobs and improve living standards.